Stock future were wavering Friday and the tech sector was weaker as investors remained focused on corporate earnings against a backdrop of ongoing concerns around inflation and the risk of recession.
Here are some stocks moving in premarket trading Friday.
Snap SNAP +5.42% (ticker: SNAP) shares dropped 29.5% premarket trading after reporting slower revenue growth. Other social media stocks, such as Meta Platforms META +0.04% (META), and Alphabet GOOGL +0.39% (GOOGL), the parent of Google, declined.
Twitter TWTR –0.20% (TWTR) was down 2.5% ahead of its earnings report and after Snap reported slower growth.GameStop GME –12.10% (GME) begins trading Friday following its 4-for-1 stock split. The shares were rising 2.6% to $39.35.
Seagate Technology (STX), the disk-drive company, dropped 11.6% after its fiscal fourth-quarter earnings and sales missed Wall Street expectations, and offered weak guidance for the current quarter.
American Express (AXP) raised its revenue forecast for the full year as spending on its network soared. The stock gained 4.4%.
Schlumberger (SLB) raised its full-year sales forecast amid steady growth in exploration for oil and gas. The stock rose 2%.
Boston Beer (SAM) cut earnings guidance for the full year because of reduced demand for hard seltzer and the stock dropped 8.8%.
Mattel (MAT) shares fell 1.4% after the toy maker posted a quarterly profit that beat analysts’ expectations but margins declined because of inflation and supply-chain costs.
Intuitive Surgical (ISRG) fell 12% early Friday after second-quarter earnings and revenue missed analysts’ estimates.
